Various stakeholders, including financial institutions and technology companies, are involved in developing open banking frameworks and the technical standards for financial data sharing. These developments may enable new insights, products, and services based on a more comprehensive view of consumers’ financial information. The Dodd-Frank Act sought to give consumers an active role in open banking by requiring financial institutions to share consumer financial data at the consumer’s request, subject to CFPB rulemaking (the Open Banking Rule). Former CFPB Director Kathy Kraninger launched a rulemaking process in 2016 to implement a long-dormant provision of the Dodd-Frank Act, resulting in the 2024 Final Rule. Now, the CFPB is seeking comment on whether to revisit and potentially reshape the 2024 Final Rule based on the evidence it collects and its new policy priorities.1
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1 Personal Financial Data Rights Reconsideration, 90 Fed. Reg. 40986 (Aug. 22, 2025).